To: orkrious who wrote (268000 ) 11/19/2003 11:27:14 AM From: ild Respond to of 436258 Date: Wed Nov 19 2003 10:35 trotsky (President Hoov...err, Bush's) ID#377387: Copyright © 2002 trotsky/Kitco Inc. All rights reserved protectionist policies ( so much for the 'commitment to free trade', another pre-election stance discarded without hesitation ) predictably have now produced a raft of retaliatory measures, and have probably already cost the country hundreds of thousands of jobs, not to mention the fact that they will lead to upward pressure on prices ( or have already done so in some cases ) . the most recent row are the textile quotas to be imposed on China ( why did the US even sign on to WTO? it flaunts the agreement as if it didn't exist - which is symptomatic for this administration's lack of respect for international treaties ) ...they have produced a reaction immediately: China is cancelling a huge buy order for US soybeans. so the textile workers have been 'protected' ( an illusion anyway! ) , and the soy farmers now suffer in their stead. the EU also seems fed up with the empty rhetoric and also resorts to trade retaliation now ( in the context of the steel measures, which have cost the US car industry and consumers dearly already, while ensuring that an inefficient industry STAYS as inefficient as ever ) . now what WAS one of the main culprits of the Great Depression? that's right,. the collapse in international trade following a similar ( though more wide ranging ) protectionist measure, the Smooth-Hawley tarrifs. the opponents of free trade can now look forward to higher prices, fewer choices, and a declining economy. great going! unfortunately those in opposition to these moronic policies will suffer as well. as an aside, increasing protectionism is a typical secular BEAR MARKET phenomenon, and the fact that it is happening now proves inter alia that the secular stock bear market is far from over. isn't it funny how these things happen almost as if they were preordained? laslty, Hoover's speech in the UK was sure dripping with unwarranted arrogance...